Delaying Social Security until 70 - worth the extra money or too risky?

The advantage is simple but powerful: you get approximately 8% more for EACH year you delay after Full Retirement Age (which is 67 for most people now) up to age 70. So waiting from 67 to 70 means about 24% larger checks FOR LIFE. And if you claim at 62 instead of 70, the difference is roughly 76% - meaning your monthly check at 70 would be about 76% larger than if you started at 62. This isn't just a small difference - it's substantial. For example, if your benefit at 62 would be $1,600/month, waiting until 70 could give you around $2,800/month. That's $14,400 more per year. The calculation is based on actuarial tables, so theoretically it balances out if you live to average life expectancy. But if you live longer than average, waiting till 70 becomes a much better deal.

I waited until 70 and it was the best financial decision I ever made. The monthly increase is substantial - I get about $1,200 more PER MONTH than if I'd claimed at 62. That's $14,400 extra per year! But your decision should depend on several factors: 1) Your health and family longevity 2) Whether you need the income now 3) If you're still working (working while collecting before FRA reduces benefits) 4) Spousal benefits (if married) The "break-even" age is typically around 80-82. If you live beyond that, waiting was financially advantageous.

I took mine at 62 no regrets. Bought an RV and have been traveling for 5 years now. Yeah the check is smaller but life is short enjoy it while u can

Something nobody's mentioning: If you're married, delaying benefits can also increase your spouse's survivor benefits if you pass away first. My financial planner emphasized this heavily - by waiting until 70, I'm essentially buying additional life insurance for my wife who is 5 years younger than me and likely to outlive me. Also, if you're still working between 62-FRA, you'll have benefits reduced if you earn above certain thresholds. In 2025, that's about $21,240 annually. After FRA there's no earnings limit. For those worried about "losing money" by waiting - remember that Social Security is primarily insurance against longevity risk (outliving your money), not an investment to maximize.

HAS ANYONE ACTUALLY CALLED SSA TO GET A COMPARISON??? I did this last year and the rep walked me through three different scenarios with actual dollar amounts for MY record. Much better than guessing! Only problem was it took FOREVER to get through on the phone. Kept getting busy signals or disconnected after waiting for an hour!! SO FRUSTRATING!!!!

lol all these financial advisors pushing ppl to wait till 70. guess what? they make more $ if u keep ur savings with them longer before u need to take it out. FOLLOW THE MONEY!!

Have you checked the SSA calculators online? My sister and I are both retired, she took benefits at 62 and I waited until 69. We both worked similar jobs with similar earnings. She's received benefits for 7 years longer than me but I'm already catching up because my monthly amount is so much higher. According to our calculations, I'll overtake her in total benefits received when I'm about 83, which is younger than our mother lived to. Just make sure u consider your family health history!

One more critical point: Social Security is inflation-adjusted. This is HUGELY valuable and often overlooked. When you delay and get a larger benefit, you're getting a larger inflation-protected annuity, which is extremely expensive to purchase in the private market. With inflation running high in recent years, this protection becomes even more valuable. The 8.7% COLA in 2023 and 3.2% in 2024 meant significant increases for recipients. If you have other retirement assets, many financial planners now recommend spending down your non-inflation-protected assets first, while delaying Social Security to maximize this inflation-protected income stream.

Thank you all for such thoughtful responses! This is exactly the kind of real-world experience I was hoping for. Based on your comments, I think I need to: 1) Call SSA to get my personalized projections for different ages, 2) Consider my family health history more carefully, 3) Think about how my decision affects my spouse if I die first, and 4) Look at our overall retirement assets. I'm leaning more toward waiting now, at least until my FRA, if not 70. The difference in monthly benefits is much larger than I realized, and since my family tends to be long-lived, the math probably works in my favor to wait. Really appreciate everyone sharing their experiences and knowledge!